SOLD -120 SLW @2.90

I sold 120 of my 366 shares of SLW just before 3pm today. I still have 246 shares. I purchased 166 SLW shares way back before the crash on October 1 for ... gasp ... \$8.82. I have written about SLW numerous times and have swing traded options to make up for some of the loss throughout these couple of months.

What prompted me to sell some SLW today is that Silver is up over \$1.0 to 10.487 yet SLW failed to hold on to its morning gain, see Figure 1 below. The line in the sand for me was the \$3.1 level as shown in the hourly chart in Figure 2. Then later in the day, it failed to recapture the \$3.0 level. I got out at \$2.90 as noted.

This dichotomy of rising silver price and falling SLW price shows weakness on SLW's part. I'd like to think this is a good trade because I had a plan and followed it. I have let my SLW shares lost 2/3 of its value already. I am not going to let my bullish precious metal sentimet affect my SLW trades like before.

[caption id="attachment_893" align="aligncenter" width="500" caption="SLW"][SLW][][/caption]

[caption id="attachment_894" align="aligncenter" width="500" caption="SLW hourly"][SLW hourly][][/caption]

[SLW]: http://traderpau.files.wordpress.com/2008/11/2008-11-24-slw.png [SLW hourly]: http://traderpau.files.wordpress.com/2008/11/2008-11-24-slw_h.png